S&P 500 (SPY) Report – 01/20/23
Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
Technology stocks are trading higher this morning after Netflix increased by 7%, despite its quarterly earnings falling short of analysts’ expectations due to higher-than-expected subscriber growth. Alphabet’s stock also increased by 3%, following the announcement that it will let go of 12,000 employees. So far, only 10% of S&P 500 companies have reported quarterly earnings, and the initial trends are pointing to deterioration in profitability. With this week’s economic data increasing the likelihood of a US recession and a global slowdown, officials from the Federal Reserve and the European Central Bank continued to take a hawkish position.
Potential Intraday Resistance Levels:
1/19/23 High of Day: $391.08
Potential Intraday Support Levels:
EOD VWAP: $389.15
1/19/23 Low of Day: $387.26
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Friday Economic Events:
Existing Home Sales 10:00am ET – High Volatility Expected
Baker Hughes Rig Count 1:00pm ET
Fed Speaker Scheduled:
Patrick Harker 9:00am ET
Christopher Waller 1:00pm ET
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